J U D G M E N T

: REVA KHETRAPAL, J.

1. This Appeal under Order XXI read with Section 10 of the Delhi High Court Act, 1966 is directed against the order dated 29.7.2009 passed in Execution Petition No.242/2008 and order dated

7.8.2009 passed in E.A. No.415/2009 in Execution Petition No.242/2008.

2. Shorn of unnecessary details, the facts are that an award dated 23rd September, 2000 was made in the dispute between the Decree Holder (Respondent herein) and the Judgment Debtor (Appellant herein). The Arbitrators by a majority of 2:1 awarded the following sums to the Respondent:-

“In view of the above decisions, this Tribunal (by majority) awards that the Defendant (NRL) shall make the following payments to the claimant (DIC) within a period of two months (60 days) from the date of receipt of the award:

1) The sum of Rs.29.76 Crores.

2) Interest pendente lite on the amount of Rs.29.76 Crores with effect from August 7, 1997 to the date of this Award at the rate of 12 per cent per annum.

3) The amount of US$ 170,000.

In the event of failure on the Defendant (NRL) to pay the above awarded amounts under (1), (2) and (3) within the stipulated period indicated above, the Defendant (NRL) shall make further payment of interest at the rate of 18 percent per annum for the post award period on the above awarded amounts i.e. Rs.29.76 Crores plus the amounts of interest of pendente lite period and plus Rupee Value of US$

170,000 as prevalent on the date of Award.”

3. From the above, it is clear that the Arbitrators had awarded interest pendente lite on the principal amount of ‘

29.76 Crores with effect from the date of the claim, i.e., August 7, 1997 to the date of the award, i.e., 23.9.2000 at the rate of 12% per annum and in the event of failure of the Appellant to pay the said awarded amounts within the stipulated period, 18% interest per annum was to be paid ‘

for the post award period on the entire awarded amounts, i.e., 29.76 Crores plus pendente lite interest plus rupee value of US$ 170,000 as prevalent on the date of the award towards costs of ICC. This is also clear from the extracted portion of the award reproduced hereinbelow:-

“Besides guidance from these decisions, the provisions of sub-section 7(a) and 7(b) of Section 31 of the Arbitration and Conciliation Act, 1996 (India) shall have to be taken into consideration for granting interest. Interest on post award period has been made mandatory at the rate of 18 percent per annum under sub-section 7(b) of 31 of the above Act.

In this case, pendente lite period is from August 7, 1997 to the date of this award. The post award period is from the date of award till date of payment.

….

Defendant (NRL) shall also be liable to pay interest at the rate of 18 percent per annum for the post award period…”

4. On 10.1.2001, the Appellant filed an application (being Misc. Arbitration No.1 of 2001) under Section 34 of the Arbitration and Conciliation Act, 1996 in the Court of the District Judge, Golaghat. The learned District Judge vide his judgment passed on 7.11.2001 set aside the award dated 23.9.2000. In 2002, the Respondent filed an appeal in the Guwahati High Court against the judgment dated 7.11.2001 passed by the learned District Judge. The Hon’ble Guwahati High Court vide its judgment dated 24.8.2006 allowed the appeal in part upholding the award of the Arbitral Tribunal except so ‘

far as it related to countervailing duty to the extent of 8.78 Crores. The consequence of the said impugned judgment was that the award ‘

of the Arbitral Tribunal aggregating to the amount of 20.98 Crores was upheld. Being aggrieved by the said judgment, the Appellant filed a Special Leave Petition, being SLP(C) No.20989/2006. On 11.12.2006, the Respondent also filed a SLP, being SLP(C)

No.4409/2007 against the said judgment dated 24.8.2006.

5. By the judgment dated 6.9.2007, leave to appeal was granted in the SLP filed by the Appellant and the same was allowed in part. The said SLP which was allowed in part was disposed of as Ci